Daily Analysis For GOLD (XAU/USD) 14-04-2023

Daily Analysis For GOLD (XAU/USD) 14-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - The price of gold (XAU/USD) has been fluctuating within a trading range of $15 after hitting a 13-month high at $2,049. Despite this, the price of the precious metal remains on track for a four-day upward trend and is poised to reach its second consecutive weekly high. This is due to the broad-based weakness of the US Dollar, which has been weighed down by the easing of hawkish Federal Reserve expectations, supported by softer inflation numbers. Furthermore, the US Dollar's reserve currency status is also under threat, which could further impact its value.
In addition to the decline of the US Dollar Index (DXY) to a new one-year low, the hope for faster growth in Asia, a major consumer of gold, as well as concerns over an impending recession, as indicated by subdued yields, are driving up the prices of XAU/USD.
Buy Scenario: - Our Technical Confluence indicator has identified $2,050 as a significant resistance level that the Gold price needs to surpass to challenge the previous multi-month peaks of XAU/USD. This level comprises Pivot Point one-month R1 and the previous daily high. Additionally, the Pivot Point one-day R1 near $2,050 also serves as an immediate hurdle.
If the price manages to break through this level, the next level of resistance could be the Pivot Point one-day R2 near $2,070, which also encompasses the previous yearly high. However, the current all-time peak of around $2,075 marked in 2020 could present a challenge to further upside movements in the Gold price. Till we did not advise to buy XAU/USD.
Selling Scenario: - On the downside, the Fibonacci 23.6% and upper Bollinger band, both on one day and around $2,040, are expected to provide support for the Gold price. If the price weakens past this level, the previous weekly high close to $2,033 may test the XAU/USD sellers.
It's important to note that the Fibonacci 61.8% on one day around $2,027 and Pivot Point one-day S1, close to $2,020, could act as the last defense of the Gold buyers before highlighting the psychological level of $2,000. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 2019.62-R1 2054.57
S2 1999.23-R2 2069.13
S3 1984.67-R3 2089.52

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;